The Worldy Philosophers Questions 1-4.

The scarcity of human needs, combined with the inability to get all those needs alone, forced humans to cooperate fore their survival. Human Survival was based on humans being able to work together to get their needs. When survival hangs in the balance, humans can put aside their selfish nature to ensure life. Products are always scarce, but to survive, humans must work together to insure scarcity does not disrupt life.

2. What are advantages and disadvantages of the two ways societies have been organized in the past?

The advantage of a Traditional economic system is that there is a set order to life. There are always enough workers for the jobs society needs because the sons replace their fathers, and the daughter replace their mothers. The disadvantage to this system is that people may be better suited or passionate for one job, but are forced to work another because of their heritage. This creates a society in which citizens are unhappy because they are not doing what they want to do.

The advantage of a control economy is that there is little chance for error. The government regulates price, product, and consumption so that entrepreneurs do not make decisions themselves. This means a company does not have to worry about producing too much or too little, because the government instructs the company in how much to produce. Their income depends on the government. The disadvantage of this system is that the economy has not room to grow. Companies can raise prices or production to make more money, so it is more difficult for them to expand. This economy system prevents change. While it can stop economic downfalls, it can also stop economic growth.

3. Why was there no need for economists throughout most of history?

Before capitalism, economic were based on tradition or authorities control. Economists study how people make choices based on the use of scarce resources to satisfy their needs and wants. When people were told what to do and how to do it. They weren’t making choices; they were serving society. Capitalism puts a twist on the old systems. Instead of serving society, people in this system are to be selfish, doing what the want how they want to get what they want. While this system could keep itsself going, people were unpredictable. They were doing what they wanted, with no higher control. Economists work to give light on the situation by predicting people’s choice. Until people started making their own decisions, they needed no one to work to understand why they make their decisions.

4. Why do you think the economic revolution was so disturbing?

When the revolution came and capitalism took hold, suddenly it seemed there was no control, no order. People were making their on choice based on their own selfish needs and wants. Change is always scary, no matter the form. A change to a system that surfaced as chaos was exceptionally disturbing. However, the seeming chaos was actually an order of its own. When everyone is doing what’s in his or her benefit, everyone profits, and the economy stays afloat, unless they make the wrong decision.